Employ product-mix strategies to meet customer expectations.
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The particular assortment of goods and
services that a business offers in order to
meets its market’s needs and its company’s
goals.
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A particular group of customers that a
business seeks to attract.
Sometimes, a business can take an existing
good or service and change it so it will fulfill
the needs of another target market.
Example: some products can be altered to
accommodate people with certain disabilities.
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Ask the customer
To compete in the marketplace, a business
must develop or find products that will fulfill
its customers’ changing needs and wants.
Obtaining customer feedback is a good way
for a business to evaluate how it is meeting
its customers’ needs and what it needs to do
to increase customer satisfaction.
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A feature is a physical characteristic or quality
of a product.
It is something the customer can touch, feel,
smell, see, or measure
It helps describe the product.
A feature answers the question, “What is it?”
◦ Ex: color, style, size
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A benefit is the
personal satisfaction
or advantage that a
customer wants from
a product.
It is how the feature
helps a particular
buyer
For customers, it
answers the
questions:
◦ How will I benefit?
◦ What’s in it for me?
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Prove to customers your product has features
that benefit them
Customers buy benefits-not features
Compare to competition
Determine what each customer is looking for
in a good or service
Nike plus
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Conduct a Customer Survey
◦ Are your customers happy or satisfied?
◦ Do you know how your customers feel about your
products or service?
◦ Today's competitive marketplace requires every
organization to listen to the voice of its customers,
which can be captured with a customer survey.
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Benefits of Surveys
◦ Increase customer retention
◦ Performance feedback – what needs improvement
◦ Customers can be the best source to derive new
innovative ideas.
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Twitter
Facebook
Pinterest
Others…..
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Focus groups & Interviews
Gather customer data and observes problems
that need fixing.
Let customers give input on new concepts.
Consumer involvement in designing products.
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What needs to be improved?
What would make the product easier for
consumers to use?
When would the consumer use the product
the most?
How would the consumer use the product?
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Successful entrepreneurs say there's one key
ingredient in launching a new product:
Listen to your customers before going to
market.
Provide room for improvement or change
Provide additional selling points
Provide validation of your brand
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Step 1: Identify Critical Needs ~ What needs
does your product/service have to meet?
Step 2: Identify What is Driving this Need~
What is driving this need? Key factors to
include in your product/service.
Step 3: Identify Requirements ~ identify the
minimum requirements that you must satisfy
for each quality need, in order to actually
provide a quality product